Solidcore Resources reported a significant decline in gold-equivalent output for Q1 2025, producing 68,000 ounces — a 42% decrease compared to the same period last year. The company attributed the shortfall to delays in shipping concentrates from the Bakyrchik deposit (part of the Kyzyl project) to the Amur Hydrometallurgical Plant.
In its statement, Solidcore highlighted ongoing “operational challenges” at the plant in Russia’s Khabarovsk region due to international sanctions. Last year, the company divested its Russian assets to Mangazeya Mining.
As Solidcore prepares to launch the Irtysh Hydrometallurgical Complex in Kazakhstan’s Pavlodar region, it remains reliant on Russian facilities for processing its complex refractory and double-refractory ores. As a result, 41,000 ounces of gold in concentrate have accumulated over the quarter, with shipments to Amursk now expected to resume in May.
The production drop was accompanied by a steep fall in sales: only 38,000 ounces of finished product were sold in Q1, down 67% year-on-year. Revenue shrank 2.7 times to $109 million.
Despite these setbacks, ore extraction rose by 13% to 1.32 million tonnes, mainly due to the Kyzyl project. Total ore processing remained stable at 1.57 million tonnes. At the Varvarinskoye site, ore grades declined as expected, while Bakyrchik saw an improvement.
Source and Credit: dprom.kz
